Cardano (ADA) Defies Technical Analysis (TA) as Market Downtrend Continues
- WBOYOriginal
- 2024-07-12 18:16:53430browse
Despite its popularity and technical advancements, Cardano (ADA) has not managed to escape the red tide affecting the crypto markets as a whole at the end
Cardano (ADA) price is up to $0.3211 on Tuesday, July 5 It continued its downward trend earlier in the week. However, the ADA price survived a larger decline by remaining above the second support level.
Despite the latest decline, the ADA price made some recovery, rising to $0.34459 as of press time.
Cardano price reached $0.42 on Saturday, July 3. It experienced a short-term recovery, rising to . However, the ADA price then dropped rapidly, dropping to $0.3211 on Tuesday, July 5.
This decline caused the ADA price to fall below the nearest support zone, $0.35. However, ADA price managed to avoid a larger decline by staying above the second support level.
Cardano price has shown a downward trend in recent weeks, and the token price has been declining for the last 30 days, except for 12 green days. ADA price is also significantly below its 200-day simple moving average (MA) ($0.536241).
Unlike other major cryptocurrencies, ADA price failed to stay on March highs and avoided major declines earlier in the year. ADA price only briefly reached the annual peak of $0.77 and remained below $0.50 until mid-April.
However, Cardano price offers a more optimistic outlook considering technical developments and positive statistics. The Cardano network has released a new node and a new lace version in the last week, and the number of smart contracts on the Plutus network has exceeded 62,000.
Even in a more optimistic scenario, the Cardano price is unlikely to rise above $0.40 in the near future because the nearest It will need to overcome the resistance level of $0.39. However, if it clears this resistance level, it could rise above $0.50 if broader crypto market trends turn optimistic.
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